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ARTICLE · 26 OCTOBER 2007

Whither Foreign Investment In Canada?

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In 1985, the Investment Canada Act (“ICA”) was enacted, replacing the Foreign Investment Review Act. The enactment of the ICA ushered in a period, which continues to this day, in which foreign investment has been welcomed in all but a few protected sectors.

CanadaAntitrust/Competition Law
Anthony Baldanza
Anthony Baldanza
Douglas New
Douglas New
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“Canada is open for business, but it's not for sale.”
--Jim Prentice, Minister of Industry, Government of Canada

In 1985, the Investment Canada Act (“ICA”) was enacted, replacing the Foreign Investment Review Act. 

The enactment of the ICA ushered in a period, which continues to this day, in which foreign investment has been welcomed in all but a few protected sectors. Indeed, it may be that no acquisition has ever been formally rejected under the ICA. Even acknowledging that some investments may have been informally discouraged by the Minister of Industry and/or Investment Review Division of the federal Department of Industry, which administers the legislation except in the cultural arena, this is a remarkable record.

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